Duck Creek’s stock opens 56% above its IPO price

Duck Creek Technologies Inc.’s share of DCT,
+ 52.22%
began its public life with a major rally, as the initial trade was 55.6% above the initial price of the officially offered $ 27, which was above the previously expected range. The Boston-based software-as-a-service (SaaS) company for the real estate and victims sector provided $ 405 million in the IPO, which the company valued at $ 3.46 billion. The stock’s first trade was at $ 42 at 11:56 am Eastern for 2.6 million shares. Since then, Parse has traded some of its profits to 54% above its IPO price. The company opened one day to ROP Technologies Inc. ROP,
-1.67%
said it bought Vertafore, which, like Duck Creek, supplies SaaS to the real estate and casualty insurance company, for $ 5.35 billion. It is also a relatively good time for the IPO market, such as the Renaissance IPO ETF IPO,
-0.89%
has increased 29.9% over the past three months, while the S&P 500 SPX,
-0.00%
has increased to 18.3%.